Metaplanet Tipping Holdings to 10,000 BTC, Surpasses Coinbase

Japanese investment firm Metaplanet has finalized its latest Bitcoin purchase, pushing total holdings to 10,000 BTC and surpassing Coinbase as the seventh-largest publicly traded Bitcoin holder.

On Monday, Metaplanet announced a purchase of a Bitcoin stack for 16.88 billion Japanese yen (approximately $117 million). This acquisition brings the firm’s total Bitcoin treasury to 10,000 BTC, exceeding Coinbase’s 9,267 BTC, according to Bitbo data.

The average price across Metaplanet’s 10,000 BTC now stands at 13.9 million Japanese yen, equivalent to approximately $96,400 per Bitcoin.

Reaching 10,000 BTC comes two weeks after Metaplanet briefly became the eighth-largest corporate holder.

Issuing $210M Bonds for Bitcoin Purchase

On the same day as the announcement, Metaplanet resolved to issue $210 million via zero-interest bonds to fund further Bitcoin acquisitions, increasing the amount previously initially announced.

Metaplanet has significantly revised its Bitcoin strategy, aiming to accumulate 210,000 BTC by the end of 2027. With 10,000 BTC now purchased, the firm plans to acquire an additional 200,000 BTC within the next 18 months.

Stock Performance Boosted by Bitcoin Strategy

The consecutive announcements regarding Bitcoin purchases and bond issuance triggered a significant rally in Metaplanet shares. On Monday, Tokyo Stock Exchange-listed shares (Ticker: 3350T) jumped over 22%, peaking at 1,860 Japanese yen each.

Metaplanet stock has climbed more than 417% year-to-date, reflecting strong investor confidence in the company’s crypto strategy.

Institutional Appetite Endures Despite Market Dip

Despite recent Bitcoin volatility, including a three-day drop from $110,000 to $103,000 attributed to geopolitical concerns, institutional demand remains robust.

Bitcoin exchange-traded funds experienced five days of net inflows last week, with institutional investors pouring over $1.3 billion into these products recently.